EUR/USD: should find support here

The EURUSD should find support at this level at the 1d channel support. The current downwaves form an strong ABC correction with the second leg now reaching the 1.618 fibo extension of the first wave. This support has to hold to keep the uptrend intact.

A break lower here has scope for an extension lower to 1.2600 level.

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This entry was posted on Saturday, November 27th, 2010 at 3:39 pm and tagged with EURUSD, fibonacci, trend and posted in analysis. You can follow any responses to this entry through the RSS 2.0 feed.